December '20

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G R A P H I C S - P R O. C O M 2 0 2 0 D E C E M B E R G R A P H I C S P R O 5 9 achieve the same colors. Maybe you saved money on the shirt you stocked and ended up losing some customers because they don't like the cheaper shirts. Something I see that most people don't track or know is the scenario where you save money on the heat transfer vinyl, and while it is similar to the more expensive version, your application time increases by 30 seconds. No big deal, right? But if you do 1,000 shirts a week, that is the equiva- lent of more than a full eight-hour work- day of increased production time. Time is money. Do you see the point here? Every action has an equal and opposite reaction, as they say in physics, and it is no different here. The only way we can protect our business from these unforeseen cost increases is by truly knowing our numbers. What does it cost you to just open the doors each day? In our business success training program, we call this our shop rate and spend a decent amount of time figuring this out. This is not a one and done budget or spreadsheet; it is important to regularly track the actual numbers and make adjustments to your shop rate. The other side of this relates to time being money. We all have the same 24 hours in a day; how are you using it and are you get- ting paid for it? The best way to manage this is to make sure you track it in your business. I have used an online tool called Toggl, which also has a mobile app, as a great way to track time spent in the business. You could also just put a stopwatch on your pro- duction floor. When you start on a job, hit start, and when you are done with the job (completely out the door), hit stop. Then divide by the number of items produced and over time you will get an average time for what it takes to make certain items. Now you can track how changes affect the production volume and also make sure you GR A PHICS-PRO.COM /A DVER T ISE ( 800 ) 669-0424

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